Futures regulators are close to an agreement that would end a months-long standoff over a central plank of the 2010 Dodd-Frank law and finally bring more transparency to the trading of swaps, the complex financial contracts at the heart of the financial crisis.
The deal would represent a win for Wall Street's biggest swaps dealers and a big compromise for Commodity Futures Trading Commission Chairman Gary Gensler, who has been at loggerheads with a fellow Democratic commissioner over one part of the rule.
Wall Street Journal - May 9, 2013
A perceived regulatory preference for CDS futures over swaps has caused serious consternation in the market. However, the publication of final SEF rules yesterday (16 May) has assuaged most concerns and paved the way for participants to advance.
Structured Credit Investor - May 17, 2013
In the contest between over-the-counter interest rate swaps and exchange-traded swap futures, the listed product has two great advantages - it requires less margin to clear, and its standardised terms make the risk fungible. No matter how many times a user trades the same future, it only has a single position on its books, with each transaction adding to, or subtracting from, the risk.
Risk.net - April 30, 2013
As the next clearing mandate hits June 10, buy-side firms are going to need new systems to help them manage their swaps portfolios. Today's imperfect science of swap terminations, compactions and fund rebalancing will have to be perfected, since clearinghouses will only recognize precisely coded trades for netting purposes. If there is one mistake in any one of the 85 fields required by the CME Trade Register, for example, an offsetting swap designed to terminate a pre-existing position will count as an additional line item. Far from eliminating the problem, the trader now has two problems.
TABB Group - April 25, 2013
Isda-Sifma working group discussions continue but trueEX prepares to list OTC swaps with standard coupons and IMM dates
Within weeks, fixed-income market participants will be able to trade a new, exchange-traded version of the over-the-counter interest rate swap, with eight tenors, standard coupons and quarterly maturity dates like those used in the futures market. Some of those involved in the work see it as a way of defending the OTC market against the threat posed by swap futures.
Risk.net - April 19, 2013
Even as the estimated number of swap execution facilities (SEFs) drops, fragmentation is still predicted to become an issue in the world of centrally cleared swaps. There is therefore room in the market for an aggregation service, to source liquidity from multiple venues and present it to the buy side.
Sunil Hirani, CEO of TrueEx, an electronic designated contract market (DCM) for swaps, said at the Futures Industry Association (FIA) New York Expo that futures commission merchants (FCMs) can provide that service. He cited Credit Suisse's AES platform as a model aggregation service in equities.
Waters Technology - April 18, 2013
Once Swaps are in the Clearinghouse, the Real Work Begins
Advanced Trading - April 12, 2013
DERIVATIVES: TrueEX launches swap portfolio management tool
IFR ASIA - April 11, 2013
S&P, TrueEX Team Up on CDS Futures
Wall Street Journal - April 10, 2013
S&P, TrueEx Start Credit-Spread Futures Linked to S&P 500 Index
Bloomberg - April 10, 2013
New Futures-Focused Indices Let Investors Bet On Corporate Bonds
Barron's - April 10, 2013
S&P Dow Jones Licenses 3 New Credit Spread Indices to trueEX
Advanced Trading - April 10, 2013
TrueEX Takes Early Lead in Building Rate Swaps Exchange
American Banker - April 1, 2013
CFTC's Gensler defends swaps vs futures margin disparity
Risk.net - March 14, 2013
Swap Traders Seeking Help in Exiting Positions Under Dodd-Frank
Bloomberg - March 12, 2013
Swap Traders Seek Amends After Greece Settlement: Credit Markets
Zurich in North America - March 6, 2013
trueEX: e-trading pioneer offering one-stop swap shop
Risk.net - February 28, 2013
UBS Said to Be in Talks With TrueEX for Swaps Execution
Bloomberg - February 26, 2013
Swaps Exchange Gears Up for Dodd Frank Mandates
Advanced Trading - February 6, 2013
Hirani, Raisler Say trueEX Creates Swaps Transparency (Bloomberg Radio, The Hays Advantage)
Bloomberg - October 17, 2012
CFTC Grants TrueEX Exchange Status to Offer Interest-Rate Swaps
Bloomberg - September 28, 2012
CFTC clears trueEX for launch
Financial Times - September 28, 2012
Derivatives Entrepreneur to Launch Swaps Exchange
Wall Street Journal - February 6, 2012
Derivatives Need Transparency to Lure Users, Hirani Says
Bloomberg - May 17, 2012
trueEX plans to provide CME Group's clearing members and customers with trueEX's portfolio termination, compaction, rebalancing and back-loading services
trueEX - April 10, 2013
S&P Dow Jones Indices Launches Credit Spread Indices Based on S&P 500; trueEX Licenses Indices to Create Credit Spread Futures Contracts
PR Newswire - April 10, 2013
Sunil Hirani's Remarks at the CFTC Round Table, The Futurization of Swaps
trueEX - January 31, 2013
FIA Special Report - CFTC Hosts Futurization Roundtable
trueEX - January 31, 2013
trueEX to Use CME Clearing To Power Swaps Execution
trueEX - October 11, 2012
CFTC Approves trueEX as First Regulated Exchange Serving the $300 trillion Global Interest Rate Swap Market
trueEX - September 27, 2012
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